eek 11 - Chapter 21 Homework - Part 1 Check my work mode: This shows what is correct or in 3. Portions of the financial statements for Clear Transmissions Company are provided below. ints CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 800s) Sales $1.569 Cost of goods sold 624 Gross margin 936 Salaries expense $268 Depreciation expense Patent amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income 200 10 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 800) Year 2018 $114 228 2017 $108 244 458 Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income taxes payable Change $ 6 (16) (14) 1e (10) 160 150 84 28 27 18 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmis direct method (Enter your answers in thousands (ie., 5,000 should be entered as 5). Amounts to be with minus sian o p] x] win] CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 800) Year 2018 2017 Change Cash $114 $108 $ 6 Accounts receivable 228 244 Inventory 458 (14) Accounts payable 160 10 Salaries payable 94 (10) Interest payable Income taxes payable (16) 444 150 28 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicate with a minus sign.) Answer is not complete. $ Cash Flows from Operating Activities Cash received from customers Cash paid to suppliers Cash paid for interest Cash paid for income taxes Cash paid to employees 1,332 (484) (35) (177) Net cash flows from operating activities S 4 10